Hi Top Shot community!
Our commitment to each of you is our priority. We’ve been listening to your feedback and know that withdrawing money has been a major pain point for many collectors. We’re dedicated to improving the experience. We are overwhelmed by the excitement that this product has generated in a short amount of time, which has resulted in vertical growth for our collector base. We’re hiring and growing very fast internally to better serve you and add additional functionality to further improve this process.
This takes time -- as we build and scale, we will get better at every turn. With that being said, we’ve made some significant improvements over the past few weeks that we’d like to share.
We’d like to introduce you to one of the newest members of the Dapper Labs team, Grace Kenworthy. She is our VP of Customer Support and is committed to putting measures in place to make sure we are seeing and resolving your issues.
In her first few weeks, Grace has already started to make many behind-the-scenes improvements. She led the charge on solving 16k customer inquiries this month and the customer support team has welcomed 20 new additions since she joined. This team will continue to grow and issues will continue to get resolved faster.
Withdrawals by the Numbers
The staggering increase in collectors has led to a backlog in withdrawal requests, but the progress we’re making is encouraging.
In the last four weeks, the number of collectors with access to withdrawals has increased by 450% to reach 28k+. An additional 5k+ more collectors will receive access to withdrawals before the end of the week.
We were able to accomplish this with only four employees dedicated to withdrawals. Next week, the number of employees working full-time on withdrawals is doubling to eight. This process is about to get faster, but there’s no silver bullet to clearing the backlog overnight.
Goals for the future
- Over time, ALL authenticated collectors will be able to withdraw funds quickly and efficiently.
- Eventually individual withdrawals will be processed within a handful of days.
- Withdrawal limits will be increased in accordance with account use.
- Quick and effective responses to consumer issues (i.e. faster response time with more effective resolutions)
More Information on Withdrawals
Who can withdraw?
The money in your Top Shot account is yours. All compliant Dapper account holders will be able to withdraw from their Dapper Balance after undergoing security reviews and identity checks.
You can withdraw in the form of wire transfers to a US bank and USDC deposits to digital wallets. Note, you must be a US resident to withdraw to a US bank. For US banks, an ACH (Automated Clearing House) is coming soon to help speed things up!
When will I be able to withdraw?
Due to significant demand, wait times to have withdrawals enabled on your Dapper account at the moment are much higher than they will be in the future. Currently we estimate most accounts will have withdrawals enabled within 6–8 weeks. We appreciate your patience; our Compliance team is working as quickly as possible to make sure withdrawals are widely available. As soon as withdrawals are enabled, an update will be made directly in your Dapper accounts app under the ‘Payments & Payouts’ tab.
This withdrawal process will get faster over time as our automated systems improve.
Are there any fees for withdrawals?
Fees are $5–10 for USDC withdrawals (enough to cover the transaction fee / “gas” on the Ethereum blockchain), $25 for wire transfers, which covers our cost of providing the wire transfer service. We do not take a cut on these fees.
How long will each withdrawal take?
Withdrawal requests are manually reviewed. Please allow for some processing time between submitting a withdrawal request and having the funds deposited in your bank account or digital wallet. Most withdrawals are processed within 21 days but others may take 40 days or more. Again, we appreciate your patience with this processing time — it allows us to ensure the safety of our community and to comply with financial industry regulations. Rest assured, as we refine our systems, every step of this process will get faster.